establishment of the First Bank of the United States
E2170
The establishment of the First Bank of the United States was the creation of the young nation’s first national bank, designed by Alexander Hamilton to stabilize federal finances, manage debt, and support economic growth.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal government action
→
financial reform → historical event → |
| approvedBy |
George Washington
→
|
| architectOfPlan |
Alexander Hamilton
→
|
| basedOnDocument |
Report on a National Bank
→
|
| capitalizationAmount |
10 million dollars
→
|
| charterExpirationYear |
1811
→
|
| constitutionalBasisClaimed |
Necessary and Proper Clause
→
|
| controversy |
constitutional interpretation of implied powers
→
|
| country |
United States of America
→
|
| dateOfEnactment |
1791-02-25
→
|
| federalShareOfStock |
20 percent
→
|
| grantedMonopolyOn |
federal government banking services
→
|
| grantedPower |
issue banknotes redeemable in specie
→
|
| hasDuration |
20-year charter
→
|
| hasMainSubject |
First Bank of the United States
→
|
| influenced |
development of the American financial system
→
|
| legalForm |
act of Congress
→
|
| legislativeBody |
United States Congress
→
|
| locatedIn |
Philadelphia
→
|
| officeHeldByProposer |
Secretary of the Treasury of the United States
→
|
| opposedBy |
Democratic-Republican Party
→
James Madison → Thomas Jefferson → |
| ownershipStructure |
mixed public-private ownership
→
|
| partOf |
early national period of United States history
→
|
| preceded |
establishment of the Second Bank of the United States
→
|
| privateShareOfStock |
80 percent
→
|
| proposedBy |
Alexander Hamilton
→
|
| purpose |
create a uniform national currency
→
facilitate tax collection → manage federal debt → provide credit to government → provide credit to private enterprise → stabilize federal finances → support economic growth → |
| raisedIssue |
scope of federal economic power
→
|
| relatedTo |
Hamiltonian economic program
→
funding and assumption of state debts → tariff policy of the early United States → |
| reportAuthor |
Alexander Hamilton
→
|
| resultedIn |
creation of a partly public, partly private central bank
→
|
| signedIntoLawBy |
George Washington
→
|
| startTime |
1791
→
|
| supportedBy |
Federalist Party
→
|
| underGovernmentOf |
George Washington administration
→
|
| yearReportSubmitted |
1790
→
|
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Funding Act of 1790
→
|
followedBy |